Treasury bond

912810TM0 · 4% due November 15, 2042

Original term
20-Year
Maturity
Nov 15, 2042
Coupon
4.000%
Pays
Semi-Annual
Dated
Nov 15, 2022
First coupon
May 15, 2023
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$40.58bn
Held stripped
$545.7m
Share stripped
1.34%

Stripped par is held as separate interest and principal components rather than as whole securities. The Safe Rate indices deliberately do not deduct it, and the whole-market figure is published so that decision can be argued with. Market statistics.

Amount outstanding as reported by Treasury, in its Monthly Statement of the Public Debt. The Safe Rate indices weight on a different figure, float-adjusted original par, and the two are not comparable security by security. The index figures are published per holding.

Risk, November 9, 2026

Yield to maturity
5.222%
Modified duration
11.085 yr
DV01
0.0984
Convexity
1.59
Dirty price
88.789

Where its rate sensitivity sits

0.01
0.04
0.08
0.19
0.35
0.58
1.12
7.30
1.62
3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 9 of twelve buckets, summing to 11.300 years against a modified duration of 11.085.

Against the fitted curve

Priced 2.3 bp cheap to the curve on that day, 22.81 cents per 100 of face.

That is -0.31 standard deviations from its own typical residual.

Yield to maturity, 986 observations

3.5%4.0%4.5%5.0%5.5%6.0%Nov 30, 2022Nov 9, 2026Nov 30, 2022Yield to maturity3.998%Dec 7, 2022Yield to maturity3.660%Dec 14, 2022Yield to maturity3.736%Dec 21, 2022Yield to maturity3.931%Dec 29, 2022Yield to maturity4.097%Jan 6, 2023Yield to maturity3.843%Jan 13, 2023Yield to maturity3.785%Jan 23, 2023Yield to maturity3.807%Jan 30, 2023Yield to maturity3.792%Feb 6, 2023Yield to maturity3.823%Feb 13, 2023Yield to maturity3.922%Feb 21, 2023Yield to maturity4.144%Feb 28, 2023Yield to maturity4.116%Mar 7, 2023Yield to maturity4.123%Mar 14, 2023Yield to maturity3.919%Mar 21, 2023Yield to maturity3.899%Mar 28, 2023Yield to maturity3.892%Apr 4, 2023Yield to maturity3.715%Apr 11, 2023Yield to maturity3.737%Apr 18, 2023Yield to maturity3.894%Apr 25, 2023Yield to maturity3.755%May 2, 2023Yield to maturity3.801%May 9, 2023Yield to maturity3.917%May 16, 2023Yield to maturity3.944%May 23, 2023Yield to maturity4.075%May 31, 2023Yield to maturity3.998%Jun 7, 2023Yield to maturity4.110%Jun 14, 2023Yield to maturity4.082%Jun 22, 2023Yield to maturity4.058%Jun 29, 2023Yield to maturity4.110%Jul 7, 2023Yield to maturity4.270%Jul 14, 2023Yield to maturity4.108%Jul 21, 2023Yield to maturity4.106%Jul 28, 2023Yield to maturity4.216%Aug 4, 2023Yield to maturity4.354%Aug 11, 2023Yield to maturity4.445%Aug 18, 2023Yield to maturity4.555%Aug 25, 2023Yield to maturity4.509%Sep 1, 2023Yield to maturity4.489%Sep 11, 2023Yield to maturity4.569%Sep 18, 2023Yield to maturity4.587%Sep 25, 2023Yield to maturity4.853%Oct 2, 2023Yield to maturity5.016%Oct 10, 2023Yield to maturity5.056%Oct 17, 2023Yield to maturity5.165%Oct 24, 2023Yield to maturity5.183%Oct 31, 2023Yield to maturity5.239%Nov 7, 2023Yield to maturity4.928%Nov 14, 2023Yield to maturity4.817%Nov 21, 2023Yield to maturity4.788%Nov 29, 2023Yield to maturity4.657%Dec 6, 2023Yield to maturity4.442%Dec 13, 2023Yield to maturity4.387%Dec 20, 2023Yield to maturity4.195%Dec 28, 2023Yield to maturity4.154%Jan 5, 2024Yield to maturity4.375%Jan 12, 2024Yield to maturity4.320%Jan 22, 2024Yield to maturity4.447%Jan 29, 2024Yield to maturity4.426%Feb 5, 2024Yield to maturity4.473%Feb 12, 2024Yield to maturity4.496%Feb 20, 2024Yield to maturity4.583%Feb 27, 2024Yield to maturity4.604%Mar 5, 2024Yield to maturity4.420%Mar 12, 2024Yield to maturity4.441%Mar 19, 2024Yield to maturity4.566%Mar 26, 2024Yield to maturity4.512%Apr 3, 2024Yield to maturity4.620%Apr 10, 2024Yield to maturity4.771%Apr 17, 2024Yield to maturity4.829%Apr 24, 2024Yield to maturity4.893%May 1, 2024Yield to maturity4.850%May 8, 2024Yield to maturity4.735%May 15, 2024Yield to maturity4.612%May 22, 2024Yield to maturity4.655%May 30, 2024Yield to maturity4.783%Jun 6, 2024Yield to maturity4.518%Jun 13, 2024Yield to maturity4.505%Jun 21, 2024Yield to maturity4.500%Jun 28, 2024Yield to maturity4.615%Jul 8, 2024Yield to maturity4.559%Jul 15, 2024Yield to maturity4.541%Jul 22, 2024Yield to maturity4.565%Jul 29, 2024Yield to maturity4.492%Aug 5, 2024Yield to maturity4.122%Aug 12, 2024Yield to maturity4.268%Aug 19, 2024Yield to maturity4.197%Aug 26, 2024Yield to maturity4.167%Sep 3, 2024Yield to maturity4.185%Sep 10, 2024Yield to maturity4.002%Sep 17, 2024Yield to maturity3.987%Sep 24, 2024Yield to maturity4.091%Oct 1, 2024Yield to maturity4.078%Oct 8, 2024Yield to maturity4.341%Oct 16, 2024Yield to maturity4.321%Oct 23, 2024Yield to maturity4.549%Oct 30, 2024Yield to maturity4.563%Nov 6, 2024Yield to maturity4.683%Nov 14, 2024Yield to maturity4.662%Nov 21, 2024Yield to maturity4.676%Nov 29, 2024Yield to maturity4.435%Dec 6, 2024Yield to maturity4.393%Dec 13, 2024Yield to maturity4.674%Dec 20, 2024Yield to maturity4.791%Dec 30, 2024Yield to maturity4.825%Jan 7, 2025Yield to maturity4.951%Jan 14, 2025Yield to maturity5.056%Jan 22, 2025Yield to maturity4.872%Jan 29, 2025Yield to maturity4.822%Feb 5, 2025Yield to maturity4.661%Feb 12, 2025Yield to maturity4.869%Feb 20, 2025Yield to maturity4.765%Feb 27, 2025Yield to maturity4.570%Mar 6, 2025Yield to maturity4.606%Mar 13, 2025Yield to maturity4.598%Mar 20, 2025Yield to maturity4.544%Mar 27, 2025Yield to maturity4.709%Apr 3, 2025Yield to maturity4.451%Apr 10, 2025Yield to maturity4.871%Apr 17, 2025Yield to maturity4.806%Apr 25, 2025Yield to maturity4.723%May 2, 2025Yield to maturity4.774%May 9, 2025Yield to maturity4.832%May 16, 2025Yield to maturity4.892%May 23, 2025Yield to maturity5.035%Jun 2, 2025Yield to maturity4.975%Jun 9, 2025Yield to maturity4.961%Jun 16, 2025Yield to maturity4.944%Jun 24, 2025Yield to maturity4.798%Jul 1, 2025Yield to maturity4.748%Jul 9, 2025Yield to maturity4.836%Jul 16, 2025Yield to maturity4.976%Jul 23, 2025Yield to maturity4.895%Jul 30, 2025Yield to maturity4.850%Aug 6, 2025Yield to maturity4.739%Aug 13, 2025Yield to maturity4.751%Aug 20, 2025Yield to maturity4.823%Aug 27, 2025Yield to maturity4.818%Sep 4, 2025Yield to maturity4.756%Sep 11, 2025Yield to maturity4.549%Sep 18, 2025Yield to maturity4.630%Sep 25, 2025Yield to maturity4.670%Oct 2, 2025Yield to maturity4.598%Oct 9, 2025Yield to maturity4.640%Oct 17, 2025Yield to maturity4.510%Oct 24, 2025Yield to maturity4.497%Oct 31, 2025Yield to maturity4.583%Nov 7, 2025Yield to maturity4.606%Nov 17, 2025Yield to maturity4.637%Nov 24, 2025Yield to maturity4.571%Dec 2, 2025Yield to maturity4.638%Dec 9, 2025Yield to maturity4.712%Dec 16, 2025Yield to maturity4.707%Dec 23, 2025Yield to maturity4.719%Dec 31, 2025Yield to maturity4.714%Jan 8, 2026Yield to maturity4.706%Jan 15, 2026Yield to maturity4.653%Jan 23, 2026Yield to maturity4.710%Jan 30, 2026Yield to maturity4.745%Feb 6, 2026Yield to maturity4.717%Feb 13, 2026Yield to maturity4.553%Feb 23, 2026Yield to maturity4.548%Mar 2, 2026Yield to maturity4.560%Mar 9, 2026Yield to maturity4.622%Mar 16, 2026Yield to maturity4.761%Mar 23, 2026Yield to maturity4.884%Mar 30, 2026Yield to maturity4.853%Apr 6, 2026Yield to maturity4.821%Apr 13, 2026Yield to maturity4.807%Apr 20, 2026Yield to maturity4.770%Apr 27, 2026Yield to maturity4.841%May 4, 2026Yield to maturity4.943%May 11, 2026Yield to maturity4.893%May 18, 2026Yield to maturity5.077%May 26, 2026Yield to maturity4.957%Jun 2, 2026Yield to maturity4.892%Jun 9, 2026Yield to maturity4.955%Jun 16, 2026Yield to maturity4.852%Jun 24, 2026Yield to maturity4.799%Jul 1, 2026Yield to maturity4.904%Jul 9, 2026Yield to maturity4.992%Jul 16, 2026Yield to maturity5.023%Jul 23, 2026Yield to maturity5.147%Jul 30, 2026Yield to maturity5.157%Aug 6, 2026Yield to maturity5.155%Aug 13, 2026Yield to maturity5.131%Aug 20, 2026Yield to maturity5.135%Aug 27, 2026Yield to maturity5.108%Sep 3, 2026Yield to maturity5.171%Sep 11, 2026Yield to maturity5.319%Sep 18, 2026Yield to maturity5.316%Sep 25, 2026Yield to maturity5.496%Oct 2, 2026Yield to maturity5.624%Oct 9, 2026Yield to maturity5.595%Oct 19, 2026Yield to maturity5.477%Oct 26, 2026Yield to maturity5.297%Nov 2, 2026Yield to maturity5.247%Nov 9, 2026Yield to maturity5.222%

Price history

986 trading days to Nov 9, 2026

80859095100105Nov 30, 2022Nov 9, 2026Nov 30, 2022Close100.031Dec 7, 2022Close104.781Dec 14, 2022Close103.688Dec 21, 2022Close100.938Dec 29, 2022Close98.688Jan 6, 2023Close102.156Jan 13, 2023Close102.969Jan 23, 2023Close102.656Jan 30, 2023Close102.875Feb 6, 2023Close102.438Feb 13, 2023Close101.063Feb 21, 2023Close98.063Feb 28, 2023Close98.438Mar 7, 2023Close98.344Mar 14, 2023Close101.094Mar 21, 2023Close101.375Mar 28, 2023Close101.469Apr 4, 2023Close103.938Apr 11, 2023Close103.625Apr 18, 2023Close101.438Apr 25, 2023Close103.375May 2, 2023Close102.719May 9, 2023Close101.125May 16, 2023Close100.750May 23, 2023Close99.000May 31, 2023Close100.031Jun 7, 2023Close98.531Jun 14, 2023Close98.906Jun 22, 2023Close99.219Jun 29, 2023Close98.531Jul 7, 2023Close96.469Jul 14, 2023Close98.563Jul 21, 2023Close98.594Jul 28, 2023Close97.156Aug 4, 2023Close95.406Aug 11, 2023Close94.281Aug 18, 2023Close92.938Aug 25, 2023Close93.500Sep 1, 2023Close93.750Sep 11, 2023Close92.781Sep 18, 2023Close92.563Sep 25, 2023Close89.438Oct 2, 2023Close87.594Oct 10, 2023Close87.156Oct 17, 2023Close85.969Oct 24, 2023Close85.781Oct 31, 2023Close85.188Nov 7, 2023Close88.625Nov 14, 2023Close89.906Nov 21, 2023Close90.250Nov 29, 2023Close91.781Dec 6, 2023Close94.375Dec 13, 2023Close95.063Dec 20, 2023Close97.469Dec 28, 2023Close98.000Jan 5, 2024Close95.219Jan 12, 2024Close95.906Jan 22, 2024Close94.344Jan 29, 2024Close94.594Feb 5, 2024Close94.031Feb 12, 2024Close93.750Feb 20, 2024Close92.719Feb 27, 2024Close92.469Mar 5, 2024Close94.688Mar 12, 2024Close94.438Mar 19, 2024Close92.938Mar 26, 2024Close93.594Apr 3, 2024Close92.313Apr 10, 2024Close90.563Apr 17, 2024Close89.906Apr 24, 2024Close89.188May 1, 2024Close89.688May 8, 2024Close91.000May 15, 2024Close92.438May 22, 2024Close91.938May 30, 2024Close90.469Jun 6, 2024Close93.563Jun 13, 2024Close93.719Jun 21, 2024Close93.781Jun 28, 2024Close92.438Jul 8, 2024Close93.094Jul 15, 2024Close93.313Jul 22, 2024Close93.031Jul 29, 2024Close93.906Aug 5, 2024Close98.438Aug 12, 2024Close96.625Aug 19, 2024Close97.500Aug 26, 2024Close97.875Sep 3, 2024Close97.656Sep 10, 2024Close99.969Sep 17, 2024Close100.156Sep 24, 2024Close98.844Oct 1, 2024Close99.000Oct 8, 2024Close95.750Oct 16, 2024Close96.000Oct 23, 2024Close93.281Oct 30, 2024Close93.125Nov 6, 2024Close91.750Nov 14, 2024Close92.000Nov 21, 2024Close91.844Nov 29, 2024Close94.656Dec 6, 2024Close95.156Dec 13, 2024Close91.875Dec 20, 2024Close90.563Dec 30, 2024Close90.188Jan 7, 2025Close88.813Jan 14, 2025Close87.688Jan 22, 2025Close89.688Jan 29, 2025Close90.250Feb 5, 2025Close92.063Feb 12, 2025Close89.750Feb 20, 2025Close90.906Feb 27, 2025Close93.125Mar 6, 2025Close92.719Mar 13, 2025Close92.813Mar 20, 2025Close93.438Mar 27, 2025Close91.563Apr 3, 2025Close94.531Apr 10, 2025Close89.781Apr 17, 2025Close90.500Apr 25, 2025Close91.438May 2, 2025Close90.875May 9, 2025Close90.250May 16, 2025Close89.594May 23, 2025Close88.063Jun 2, 2025Close88.719Jun 9, 2025Close88.875Jun 16, 2025Close89.063Jun 24, 2025Close90.656Jul 1, 2025Close91.219Jul 9, 2025Close90.250Jul 16, 2025Close88.750Jul 23, 2025Close89.625Jul 30, 2025Close90.125Aug 6, 2025Close91.344Aug 13, 2025Close91.219Aug 20, 2025Close90.438Aug 27, 2025Close90.500Sep 4, 2025Close91.188Sep 11, 2025Close93.500Sep 18, 2025Close92.594Sep 25, 2025Close92.156Oct 2, 2025Close92.969Oct 9, 2025Close92.500Oct 17, 2025Close93.969Oct 24, 2025Close94.125Oct 31, 2025Close93.156Nov 7, 2025Close92.906Nov 17, 2025Close92.563Nov 24, 2025Close93.313Dec 2, 2025Close92.563Dec 9, 2025Close91.750Dec 16, 2025Close91.813Dec 23, 2025Close91.688Dec 31, 2025Close91.750Jan 8, 2026Close91.844Jan 15, 2026Close92.438Jan 23, 2026Close91.813Jan 30, 2026Close91.438Feb 6, 2026Close91.750Feb 13, 2026Close93.563Feb 23, 2026Close93.625Mar 2, 2026Close93.500Mar 9, 2026Close92.813Mar 16, 2026Close91.313Mar 23, 2026Close90.000Mar 30, 2026Close90.344Apr 6, 2026Close90.688Apr 13, 2026Close90.844Apr 20, 2026Close91.250Apr 27, 2026Close90.500May 4, 2026Close89.438May 11, 2026Close89.969May 18, 2026Close88.063May 26, 2026Close89.313Jun 2, 2026Close90.000Jun 9, 2026Close89.344Jun 16, 2026Close90.438Jun 24, 2026Close91.000Jul 1, 2026Close89.906Jul 9, 2026Close89.000Jul 16, 2026Close88.688Jul 23, 2026Close87.438Jul 30, 2026Close87.344Aug 6, 2026Close87.375Aug 13, 2026Close87.625Aug 20, 2026Close87.594Aug 27, 2026Close87.875Sep 3, 2026Close87.250Sep 11, 2026Close85.813Sep 18, 2026Close85.844Sep 25, 2026Close84.125Oct 2, 2026Close82.938Oct 9, 2026Close83.219Oct 19, 2026Close84.344Oct 26, 2026Close86.094Nov 2, 2026Close86.594Nov 9, 2026Close86.844
The most recent 20 trading days of prices for 912810TM0.
DateBidOfferClose
Nov 9, 202686.84486.89186.844
Nov 6, 202686.93887.00086.906
Nov 5, 202687.03187.09487.063
Nov 4, 202686.43886.50086.719
Nov 3, 202686.34486.40686.219
Nov 2, 202686.93886.98486.594
Oct 30, 202686.28186.32886.344
Oct 29, 202686.15686.21986.156
Oct 28, 202685.87585.92285.500
Oct 27, 202686.15686.20386.188
Oct 26, 202686.09486.14186.094
Oct 23, 202686.00086.06385.938
Oct 22, 202685.84485.90686.375
Oct 21, 202685.00085.04784.875
Oct 20, 202684.84484.90684.875
Oct 19, 202684.50084.56384.344
Oct 16, 202685.00085.06384.875
Oct 15, 202684.81384.87584.813
Oct 14, 202683.40683.46983.938
Oct 13, 202683.59483.64183.625

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

3 auctions

A CUSIP can be auctioned more than once: Treasury reopens an existing security rather than issuing a new one, so the same bond is sold again at whatever yield the market then wants.

Auction history for 912810TM0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 16, 2022Nov 30, 2022New issue$15.0bn$16.6bn2.64x4.072%
Dec 21, 2022Jan 3, 2023Reopening$12.0bn$12.0bn2.68x3.935%
Jan 18, 2023Jan 31, 2023Reopening$12.0bn$12.0bn2.83x3.678%

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.